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Condensed Consolidated Financial Statements
6 Months Ended
Sep. 24, 2011
Organization Consolidation And Presentation Of Financial Statements Disclosure [Abstract] 
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]

Note 1 – Condensed Consolidated Financial Statements

 

       The consolidated balance sheets as of September 24, 2011 and March 26, 2011, the consolidated statements of income for the quarters and six months ended September 24, 2011 and September 25, 2010, the consolidated statements of cash flows for the six months ended September 24, 2011 and September 25, 2010 and the consolidated statement of changes in shareholders' equity for the six months ended September 24, 2011, include Monro Muffler Brake, Inc. and its wholly-owned subsidiary, Monro Service Corporation (collectively, the “Company”). These unaudited condensed consolidated financial statements have been prepared by the Company. In the opinion of management, all known adjustments (consisting of normal recurring accruals or adjustments) have been made to fairly state the financial position, results of operations and cash flows for the unaudited periods presented.

 

       Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in the Company's Annual Report on Form 10-K for the fiscal year ended March 26, 2011. The results of operations for the interim periods being reported on herein are not necessarily indicative of the operating results for the full year.

 

       The Company reports its results on a 52/53 week fiscal year with the fiscal year ending on the last Saturday in March of each year. The following are the dates represented by each fiscal period reported in these condensed financial statements:

 

       “Quarter Ended Fiscal September 2011”:               June 26, 2011 – September 24, 2011 (13 weeks)
“Quarter Ended Fiscal September 2010”:               June 27, 2010 – September 25, 2010 (13 weeks)

       “Six Months Ended Fiscal September 2011”:              March 27, 2011 – September 24, 2011 (26 weeks)
“Six Months Ended Fiscal September 2010”:               March 28, 2010 – September 25, 2010 (26 weeks)

 

       Fiscal year 2012, ending March 31, 2012, is a 53 week year.

 

       During the second quarter of fiscal year 2012, the Company completed the purchase price allocation for Courthouse Tire. Some of the amounts previously estimated have changed during the measurement period. The significant changes in estimates included an increase in property, plant and equipment, deferred income tax asset, goodwill, intangible assets and long-term debt of $1.3 million, $.4 million, $.3 million, $.3 million and $2.3 million, respectively. The measurement period adjustments represent updates made to the purchase price allocation based on revisions to valuations estimates subsequent to the quarter of acquisition and initial accounting. There were no significant adjustments to the Company's Consolidated Statement of Income in any quarter since the time of acquisition.

 

Certain reclassifications have been made to the prior year's consolidated financial statements to conform to the current year's presentation.